The Economist on the decline of active investing

The clearest casualty of passive funds has been active managers...  During the past decade the number of active funds has declined by 40%.  According to Bank of America, since 1990 the average number of analysts covering firms in the S&P 500 index has dropped by 15%.  Their decline means fewer value-focused soldiers guarding market fundamentals.

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For the time being, at least, passive investors have the upper hand.  And unless the concentration of America's stockmarket decreases, it seems unlikely that the fortunes of active managers will truly reverse.

~ "Too efficient: Having killed off stockpickers, are passive funds behind market mania?," The Economist, March 2, 2024